E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Reaction to 13786.00 Sets Short-Term Tone
June E-mini NASDAQ-100 Index futures are trading lower for a second straight day late Tuesday as investors moved out of high-flying technology stocks and piled into defensive stocks that are considered relatively safe during times of economic uncertainty: real estate, utilities, consumer staples and healthcare.
At 19:37 GMT, June E-mini NASDAQ-100 Index futures are at 13787.50, down 109.75 or -0.79%.
Additionally, shares of video-streaming service provider Netflix, which thrived during last year’s lockdowns, fell about 1.1% ahead of its results after the closing bell.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. A trade through 14059.50 will signal a resumption of the uptrend. A trade through 12609.75 will change the main trend to down.
The minor trend is also up. A trade through 13512.50 will change the minor trend to down. This will shift momentum to the downside.
The minor range is 13512.50 to 14059.50. The index is currently straddling its pivot at 13786.00.
The main range is 12609.75 to 14059.50. If the minor trend changes to down then look for the selling to possibly extend into its retracement zone at 13334.50 to 13163.50.
Daily Swing Chart Technical Forecast
The direction of the June E-mini NASDAQ-100 Index into the close will be determined by trader reaction to the pivot at 13786.00.
A sustained move over 13786.00 will indicate the presence of buyers. This could trigger a quick rally into a minor pivot at 13889.50. Sellers could come in on the first test. Overtaking it, however, could lead to a retest of 14059.50.
A sustained move under 13786.00 will signal the presence of sellers. This could trigger an acceleration into the minor bottom at 13512.50, followed by the short-term retracement zone at 13334.50 to 13163.50.